Ethereum

Solana

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum’s gas prices have dropped, but the fees paid to validators have increased.</li>
 <li>Despite a decrease in Ethereum’s price, the Network Growth has seen a significant surge.</li>
</ul>
<p>Ethereum [ETH] was greatly affected by the recent market downturn, with its price falling below $3400.</p>
<h2 id="low-ethereum-gas-high-fees">Low Ethereum Gas, High Fees</h2>
<p>While the price of Ethereum gas has declined, Ethereum has still outperformed other networks like Solana [SOL] and Tron [TRX] in terms of fees paid to validators.</p>
<p>Despite the drop in gas price, the high validator fees suggest that Ethereum’s network usage remains strong.</p>
<p>Even with lower fees per transaction, a higher volume of transactions could lead to more total fees for validators.</p>
<p>However, these high validator fees might not be enough to counterbalance the overall price drop of <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a>.</p>
<h2 id="correlation-to-bitcoin">Correlation to Bitcoin</h2>
<p>At the time of writing, ETH had dropped by 4.14% in the last 24 hours, possibly due to its correlation with <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC), which also saw a significant fall.</p>
<p>Despite Ethereum’s price decline, many holders appear to be in it for the long term, with the average holding time being 2.3 years.</p>
<p>This long-term view is reinforced by the fact that actively traded coins are still held for an average of 2 months, indicating a reluctance to sell.</p>
<p>The length of time coins are held provides valuable insights into investor confidence.</p>
<p>Longer holding periods suggest investors see potential in Ethereum’s long-term future and are comfortable holding their assets.</p>
<p>On the other hand, frequent trading activity may suggest a focus on short-term gains and less faith in the market’s future.</p>
<h2 id="on-chain-data">On-chain Data</h2>
<p>Ethereum’s Network Growth has seen a significant increase in the past few days.</p>
<p>Many new addresses were interacting with ETH at the time of writing, indicating a large number of addresses were interested in purchasing ETH at the current discounted rates.</p>
<p>Furthermore, the speed at which ETH was trading has also increased, suggesting a surge in the frequency of ETH transactions.</p>

Ethereum Gas Usage Hits Record Low as ETH Dips Under $3400: Next Moves?

Table of Contents

CoinEagle.com

Other articles published on Jun 24, 2024

Investors Flock to MoonBag Meme Coin’s Scalable High ROI, Abandoning Notcoin and Fetch.AI

No More Shitcoinery: Giants Protocol Brings Utility To Runes With First-Ever Bitcoin UTXO-Based D...

Investors Choosing MoonBag Meme Coin’s Mass ROI and Successful Presale Over BlastUP and Toncoin’s...

Shiba Inu Whales Paper Hand SHIB, Key On-Chain Metric Proves

Julian Assange freed from jail after plea deal with US

Bitcoin Mining Revenue Drops to Near All-Time Lows Amid Price Slump

Join our free newsletter for daily crypto updates!